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Germany: ZEW data roughly in line with downside forecasts

According to analysts at TD Securities, this morning's German ZEW data for July was roughly in line with their downside forecasts, as the current assessment fell from +7.8 to -1.1 (mkt +5.0), while expectations fell from -21.1 to -24.5 (mkt -22.0).

Key Quotes

“The ZEW institute noted uncertainty from the Iran conflict as well as the US-China trade dispute, and said that the lasting containment of factors causing uncertainty in the export-oriented sections of the German economy is currently not in sight.”